Title
Contents
Acknowledgements 5
The Authors 6
Summary 7
1. Introduction 15
1.1 Background 15
1.2 Research aims 16
1.3 Research design and conduct 16
1.4 Sample design 17
1.4.1 Defined benefit schemes 17
1.4.2 Defined contribution schemes 17
1.4.3 Sample structure 18
1.5 Sample profile 19
1.6 Analysis of findings 19
1.7 Content of the report 20
2. Employers' views about collective defined contribution pension schemes 21
2.1 Cost 22
2.1.1 Fixed contribution rates 22
2.1.2 Financial liability 22
2.1.3 Administration and governance costs 23
2.2 Governance 24
2.2.1 Trustee expertise 24
2.2.2 Trustee liability 24
2.3 Delivering greater security through investment pooling, indexation and revaluation 25
2.4 Payment options 27
2.5 Industry-wide collective defined contribution schemes 28
2.6 Employers' views about how employees would respond to a collective defined contribution pension scheme 28
3. Employers' views on the benefits of CDC schemes compared to DB and DC schemes 31
3.1 CDCs in comparison to a DB scheme 31
3.2 CDCs in comparison to a trust-based DC scheme 32
3.3 CDCs in comparison to a contract-based DC scheme 33
4. Conclusion 35
Appendix A - A copy of the descriptive summary sent to employers prior to interview 37
Collective defined contribution schemes 37
CDC: The employer's perspective 40
CDC: The member's perspective 40
Switching to a CDC Scheme 40
FAQs 41
Appendix B - Topic guide 43
Appendix C - Qualitative analysis using Matrix Mapping 50